The Perfect Burial Insurance Policy for the Perfect You!
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So many times, there are applications that get sent in for approval, and get denied because of the agents negligence in not providing the best knowledge when it comes to Underwriting.
This article will serve a purpose for an underwriting on how to get your policy APPROVED based on your health!
Did you know?
Submitting a policy with lack of understanding of how the company works goes into a database where insurance companies can pull from.
For example, In most applications, when applying for burial insurance, there is a question that asks…
Has any Proposed Insured ever applied for life, health, or diasbility insurance and been declined, postponed or offered on a basis other than applied?
Here at BetterBurialInsuranceToday.com
When buying burial insurance online, we take proper procedures in being the “underwriter specialists.”
What is an underwriter, you ask?
“Once your information is collected, and policy sent. It, then, gets sent to an underwriter for review.
Upon reviewing, the underwriter views all of your information to see if you won’t be a high risk for the company. A possible follow-up interview may occur.
However, with the our innovative Top 10 companies, the underwriting process could take up to 30 seconds. Our Instant-Decision process helps you to know RIGHT NOW on whether the policy is approved.”
Less often, does it ever get sent to an underwriter for the decision. However, rest assured, if information collected is correct, the policy will most like get approved.
There are “two” types of applications for Final Expense, Burial Insurance
Upon collecting information, and writing the application for burial insurance, you may notice that some applications have health questions, and some do not.
There is a specific reason for this.
Let’s get started in identifying between the two.
Keep in mind, there are 4 rated classes for burial insurance. Also, not every company has every 4.
- Guaranteed Acceptance
|Requires Health Questions|
(stays the same)
What is a level benefit?
Simply put, a level benefit means that the death benefit is available to you immediately upon in exchange for your first months premium. Thus, DAY 1 Coverage! A true burial insurance with no waiting period!
Now, there are generally 3 parts of questions to the application questions, part A, B, and part C.
Getting approved for DAY 1 coverage means that all answers to the questions stated on the application were “NO.”
As well as, all prescribed medications in the past 2 years were approved through the MIB (Medical Information Bureau).
In addition to, These burial insurance companies have a two year look-back in their underwriter process. For instance, take a Heart Attack for example.
If a heart attacked happen longer than two years ago, then you’ll most likely be approved.
In retrospect, if a heart attack happened shorter than 2 years ago, thus 2-year look-back, then the underwriter may determine the policy to be graded or modified.
Below are the considered pre-existing health conditions that are determined as Level Benefit:
With that being said, Does you condition involve:
|Atrial Fibrillation A-Fib|
|Cancer (depends if recurring)|
|CHF (Congestive Heart Failure)|
|Circulatory Surgery |
|Type 1 Diabetes|
|High Blood Pressure|
|Home Health Care|
|Sickle Cell Anemia|
|Stroke or TIA (mini-stroke)|
Don’t see your health condition?
Try out our new innovative, less time feature, our Pre-Qualification Questionnaire to get prequalified for the burial insurance policy that fits your loved ones needs!
Graded, Modified, and Guaranteed Acceptance
- Graded: The underwriter determines the eligibility, with their being 3 parts to the application (A,B, and C), generally speaking this means that at least one question was answered “NO”, only in the part C section of the application.
- Modified: Is another term that is used instead of graded. Many of these companies that have this rate class available has 2 sections of health questions.
- Guaranteed issue whole life: NO Health Questions
When it comes down to it, being rated “graded”, “modified”, or simply just going the guaranteed issue route by selecting a guarantee issue carrier, there will be a 2-year waiting period.
In in other words, this is considered high risk burial insurance.
Neverthless, Getting covered is the most important!
With that being said…
Is getting a 2-year waiting period policy worth the money?
As to some may think, getting a 2-year waiting period policy is greatly still worth the money. Is it more expensive, than the level benefit coverage, of course.
But, at this point there is a reason why the 2-year plan is offered, mainly because of a pre-existing health condition, or medications.
Furthermore, let me explain to why this is still a positive benefit.
The reason why you may be looking into getting a policy is to protect your loved ones, husband, wife, kids, grandkids, or other family members.
If you decided not to get the policy, where is would that money be going, that would otherwise be used to pay the higher premium?
Most likely, it would be the bank. At the bank, in a savings account, I would imagine. The interest rate that the bank is giving you on your money is…well…not much!
On the other hand, if you were to obtain a burial insurance policy with a 2-year waiting period.
Below is how the policy would be generally set up for the two year plan:
- Year 1: 110% of the premiums that were paid in are paid out to your beneficiaries (roughly 10% MORE than the bank)
- Year 2: 110% of the premiums that were paid in are paid out (roughly 10% MORE than the bank)!
- Year 3: 100% of the death benefit would pay out on the 25th month!
Now, that’s a pretty general 2-year waiting policy. However, there is an exception to the rule.
The company name is GTL or Guarantee Trust Life. Below is their payout procedure for a two year plan.
- Year 1: 105% of the premiums that were paid in are paid out (Still 5% More than the bank)
- Year 2: 50% of the Face Amount would be paid out
- Year 3: 100% of the face amount would be paid out
To review, a total of 24 months would be the “wait” until you received the full face amount that was applied for.
In essence, the best way of thinking and strategizing, is to when you think Graded, or Modified,
think SAVINGS ACCOUNT.
Thus, your return on your hard earned premium dollars would yield 3-4x MORE. A burial insurance with no health questions is the WAY to go!
In Conclusion, upon submitting a policy with health questions, the underwriter makes the decision upon level, graded, or modified. The health is the main determining factor in getting a policy issues.
With that being, If you find this article to very helpful or have any more questions…
Give us a call (833) 344-1171